王健林战略调头？万达发12.75%高息债券“补血”

Core Viewpoint - Wanda Commercial Management has successfully returned to the offshore bond market after three years, issuing $360 million in senior secured bonds with a coupon rate of 12.75%, reflecting high investor interest despite ongoing credit challenges [1][2]. Group 1: Bond Issuance Details - The bond issuance follows RegS rules, allowing securities to be offered to non-U.S. investors without registration under U.S. securities laws, with a maturity structure of 2NC1.5 [1]. - The final subscription amount reached $650 million, with a coverage of 43 investment accounts, resulting in a subscription multiple of over 1.8 times, indicating strong market confidence in short-term repayment capabilities [1]. Group 2: Financial Context and Strategy - The high coupon rate of 12.75% is significantly above the average for Chinese real estate dollar bonds, reflecting a risk premium to compensate for credit discount, as the company still faces high financing costs despite reducing domestic and foreign debt [2]. - The issuance is a strategic move to alleviate immediate repayment pressures, particularly with a $400 million offshore note maturing in February 2026, which requires multiple principal repayments and interest payments [2][3]. Group 3: Market Perception and Future Outlook - The bond issuance is seen as a liquidity management action aimed at mitigating systemic risks associated with concentrated short-term debt maturities, allowing the company to smooth its repayment schedule and gain operational adjustment time [3]. - Despite the successful bond issuance, the long-term challenge remains in improving operational cash flow, as the commercial real estate sector faces structural difficulties such as weak consumer recovery and rental growth pressure [4].